Mass tables power Galaxy

 

Galaxy Entertainment Group Ltd. reported a 15 percent rise in first quarter revenue to HK$15.2 billion ($2 billion) from a year earlier thanks to a boom in mass market table play. The company said revenues from mass gaming at Galaxy Macau and StarWorld each rose 42 percent while VIP revenues rose 15 percent at Galaxy Macau and just 1 percent at StarWorld. The company did not report net earnings, but said adjusted earnings before interest, tax, depreciation and amortization rose 29 percent to HK$2.8 billion. Its shares are to join Hong Kong’s Hang Seng Index. Galaxy also announced a HK$3.25 billion ($419 million) deal to buy the Grand Waldo casino hotel in Cotai from Get Nice Holdings Ltd. Galaxy already runs the Grand Waldo’s casino, but the hotel will broaden its portfolio to attract lower-end mass market customers.